The great gift we can give our children is not a family inheritance but a family legacy. A legacy that enables them to build their identity in the world and prepare them for great success.
Many prominent business families,famous artists, musicians, and outstanding athletes have cultivated a family culture that builds skills, instills values, and empowers the next generation intentionally from a young age through family practices. In part 1 of this series, let's look at some key ways the top 1% families of the world approach this:
Early Exposure and Hands-On Experience
Successful families often expose children to the family business or craft early, letting them observe or participate in real work. Involving your children in work and building excitement for a sport or specific career can kickstart from very early on in the house. For instance, sports icons like the Williams family (Venus and Serena) begin training from a young age, ingraining discipline and familiarity with the sport. They planned and scheduled family members time to make tennis a crucial part and moved as family to support their daughters tennis dreams
Pro Tip: Assigning family members age-appropriate roles or projects within the business or family foundation is a common practice. The younger generation might start with small, manageable projects to develop decision-making and leadership skills. This could be anything from managing a small family event, preparing presentations for their parent’s job or helping deliver an art order. These assignments give them hands-on experience and progressively build their confidence, competence, and understanding of different nuances of the industry.
Legacy and Storytelling
Successful families often share stories of past struggles and triumphs, creating a deep sense of identity and continuity. This storytelling fosters a sense of belonging and responsibility, motivating the next generation to live up to the family’s legacy. This can be extremely powerful and impressionable for the children.
Pro Tip: As a family, involve your children to know the stories of struggle and learning from the elders and document / video record / write a blog or book about it. 3 big advantages: Great bonding of different generations, an amazing process to develop a lot of skills and legacy record (or product) of your family. The best families across the world have done it formally.
Formal and Informal Education
Children are often sent to top-tier schools for formal education, but they also receive informal training through mentorship with parents or established professionals in their field. The Ambani family in India, for instance, has the younger generation work through different departments within their business, getting practical insights and mentorship from top executives.
Pro Tip: If not a business, you can have your children work with /intern with family or friends’ organisations or neighbouring stores over weekends and holidays. Nothing beats real life meaningful experiences.
Encouraging Independence and Entrepreneurship
Rather than enforcing a single path, some families encourage kids to explore their own ventures, creating a culture of innovation and allowing them to bring fresh perspectives to the family business or even start new initiatives.In some cases, it also allows children to not be bogged down by the weight of their parent’s success. Naveen Jain, Indian- American billionaire has his children kickstart different successful ventures. The Rothschild family, for instance, often supports different interests within banking and philanthropy.
Pro Tip: Keep aside the ego and prejudices to ask family members and children on their ideas and suggestions to do your work differently, effectively or what new things could be added. Start by incorporating those smaller ideas and see them blossom and be great leaders. They are the most incredible sources of feedback from people who care and know your strengths and limitations as well
Focus on Health and Mental Resilience
Especially in sports families, physical and mental resilience are prioritised from a young age. Kobe Bryant, the famous American basketball player, focused on instilling a rigorous routine and work ethic in his daughters, underscoring mental toughness and self-discipline.
Pro Tip: Create certain family routines for affirmations and rewarding or celebrating situations someone has shown resilience and immense discipline. Eg. I hosted an “Effort Party” with the family for my 7 yr old when she worked sincerely for her competitive exams.
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